KEY HIGHLIGHTS
Rupee Closes Flat Against U.S. Dollar
-The local currency closed flat against the U.S. Dollar at 83.50 on Thursday.
Source: Cogencis
Nifty, Sensex Close At Highest Level In Seven Sessions: Closing Bell
Benchmark equity indices recovered in the last hour of trade and surged to their highest level in seven sessions. The Nifty reclaimed 22,400 for the first time after May 6.
The Nifty closed 0.92% or 203.30 points higher at 22,403.85 and the Sensex closed 676.69 points or 0.93% higher at 73,663.72.
"The Index has not only decisively breached its strong resistance zone of 22,240-22,330 but managed to cross its 50DMA also which suggests a continuation of the current up-move to 22,520 while support level is shifted higher at 22,260," said Aditya Gaggar, director of Progressive Shares.
Shares of HDFC Bank Ltd., Infosys Ltd., Bharti Airtel Ltd., Mahindra & Mahindra Ltd., and Reliance Industries Ltd. contributed the most to the gains.
Meanwhile, those of Maruti Suzuki Ltd., State Bank Of India, Tata Motors Ltd., Power Grid Corp. Of India, and Bharat Petroleum Corp Ltd. capped the upside.
Most sectoral indices ended higher with Nifty IT and Nifty Realty leading.
Broader markets ended higher on BSE. The S&P BSE Midcap ended 1.07% and the S&P BSE Smallcap settled 0.85% up.
On BSE, 19 sectors advanced, and one declined out of 20. The S&P BSE Capital Goods was the best performing sector on Thursday. The S&P BSE Utilities was the worst performing sector
Market breadth was skewed in favour of buyers. Around 2,140 stocks rose, 1,689 stocks declined, and 123 stocks remained unchanged on BSE.
Indoco Remedies Q4FY24 Highlights (Consolidated, YoY)
Revenue at Rs 450 crore vs Rs 428 crore, up 5%
EBITDA at Rs 49 crore vs Rs 65 crore, down 24.5%
Margin at 11% vs 15.1%
Net profit at Rs 22 crore vs Rs 26 crore, down 14.6%
Solar Industries Q4FY24 Highlights (Consolidated, YoY)
Revenue down 16% at Rs 1,611 crore vs Rs 1,929 crore
Ebitda down 1% at Rs 354 crore vs Rs 357 crore
Margin at 21.9% vs 18.5%
Net profit up 10% at Rs 243 crore vs Rs 221 crore
Info Edge Q4 Highlights (Consolidated, YoY
Revenue at Rs 657 crore vs Rs 605 crore, up 8.7%
EBITDA at Rs 219 crore vs Rs 186 crore, up 18.3%
Margin at 33.4% vs 30.7%
Net profit of Rs 88 crore vs loss of Rs 503 crore
GAIL Q4 Earnings Highlights (Consolidated, QoQ)
Revenue at Rs 32,756 crore vs Rs 34,698 crore, down 5.6%
EBITDA at Rs 3,848 crore vs Rs 4,208 crore, down 8.6%
Margin at 11.7% vs 12.1%
Net profit at Rs 2,474 crore vs Rs 3,193 crore, down 22.5%
TCNS Clothing Q4FY24 Highlights (YoY)
Net loss of Rs 64 crore vs loss of Rs 28 crore
EBITDA loss at Rs 38 crore vs EBITDA of Rs 8 crore
Revenue at Rs 211 crore vs Rs 269 crore, down 21.3%
HAL Q4FY24 Highlights (Consolidated, YoY)
Revenue at Rs 14,769 crore vs Rs 12,495 crore, up 18.2%
EBITDA at Rs 5,901 crore vs Rs 3,246 crore, up 81.8%
Margin at 40% vs 26%
Net profit at Rs 4,309 crore vs Rs 2,831 crore, up 52.2%
Prism Johnson Q4FY24 Highlights (Consolidated, YoY)
Revenue at Rs 2,079 crore vs Rs 2,112 crore, down 1.5%
EBITDA at Rs 111 crore vs Rs 147 crore, down 24.4%
Margin at 5.4% vs 7%
Net loss of Rs 31 crore vs profit of Rs 4 crore
M&M Q4 Results: Key Highlights (Standalone, YoY)
Revenue up 12% to Rs 25,436 crore (Estimate: Rs 24,029 crore).
Ebitda up 22% to Rs 3,446crore (Estimate: Rs 3,057 crore).
Ebitda margin at 13.5% versus 12.5% (Estimate: 12.7%).
Net profit up 32% to Rs 2,038 crore (Estimate: Rs 1,815 crore).
Caplin Point Q4FY24 Highlights (Consolidated, YoY)
Net profit at Rs 121 crore vs Rs 101 crore, up 20%
Revenue at Rs 453 crore vs Rs 389 crore, up 16%
EBITDA at Rs 145 crore vs Rs 124 crore, up 16.4%
EBITDA margin at 31.9%, flat YoY
Infibeam Avenues Q4FY24 Highlights (Consolidated, YoY)
Revenue up 11% at Rs 727 crore vs Rs 653 crore
EBITDA up 33% at Rs 66 crore vs Rs 49 crore
Margin at 9.1% vs 7.6%
Net profit up 28% at Rs 49 crore vs Rs 38 crore
HAL Hits Lifetime High
The stock rose as much as 2.07% to hit its lifetime high of Rs 4,269, before paring gains to trade 1.54% to Rs 4,249. This compares to a 0.5% decline in the Nifty. It has risen 51.55% on an year-to-date basis and 172.61% in the last 12 months.
Texmaco Rail Q4FY24 Highlights (Consolidated, YoY)
Revenue at Rs 1,145 crore vs Rs 835 crore, up 37%
EBITDA at Rs 85 crore vs Rs 55 crore, up 53%
EBITDA margin 7.4% vs 6.6%
Net profit at Rs 42 crore vs Rs 15 crore
IT Stocks Rise As US CPI Grew Slower Than Expected In April
Nifty, Sensex Fall Erasing Morning Gains Amid Election Volatility: Midday Market Update
India's benchmark stock indices erased all morning gains to trade lower by midday on Thursday as continued selling by foreign investors on the jitter weighed on the stock. The indices had opened on a strong note owing to the softer US CPI data, which increased hope of a Fed rate cut by September.
At 11:52 a.m., the NSE Nifty 50 was trading 46.75 points, or 0.21%, lower at 22,153.80, and the S&P BSE Sensex fell 92.08 points, or 0.13%, to trade at 72,894.95. Intraday, the NSE Nifty 50 rose 0.53% to 22,330.00, and the S&P BSE Sensex rose 0.56% to 73,396.75.
"The Indian market rose today, buoyed by gains on Wall Street, driven by robust US inflation data. Although the market has been confident over the past four days, ongoing selling by foreign institutional investors is still a big worry," said Shrey Jain, founder and chief executive officer at SAS Online.
For the Nifty 50, the 22,000 Put strike has significant open interest, indicating it will likely act as an immediate support. Conversely, the 22,500 level is expected to serve as a hurdle, with the 22,500 Call strike holding approximately 21 million shares, Jain said.
ICICI Bank Ltd., State Bank of India, Maruti Suzuki India Ltd., Reliance Industries Ltd., Tata Motors Ltd. weighed on the Nifty 50.
Bharti Airtel Ltd., Infosys Ltd., HDFC Bank Ltd., Tech Mahindra Ltd., and HCL Technologies Ltd. limited the losses in the index.
On NSE, nine sectors declined and three advanced. The NSE Nifty PSU Bank declined the most, and the NSE Nifty Realty was the top performing sector.
Broader markets outperformed the benchmark indices, with the S&P BSE Midcap rising 0.52% and Smallcap gaining 0.69% through midday on Thursday.
On BSE, 11 sectors declined and nine advanced. The S&P BSE Auto index was the worst performing sector, and the S&P BSE Realty was the top performing sector.
Market breadth was skewed in favour of buyers. Around 1,988 stocks rose, 1,597 declined, and 142 remained unchanged on BSE.
Brightcom Group Gets NSE Notice For Potential Trading Suspension
NSE notice of potential suspension of trading for failure to report Q2 & Q3 earnings by June 11
Working to finalize and release the quarterly results within the stipulated timelines
Source: Exchange filing
Four Nifty Stocks Hit Life High
M&M Hits Life High For Third Consecutive Session
NLC India Tumbles Over 7% After Net Profit Falls Over 86%
Shares of NLC India Ltd. slumped over 7% on NSE Thursday after the company reported 86.4% fall in its net profit.
Its net profit declined 86.4% on year to Rs 114 crore in January-March from 837. The fall in its profit was due to lower revenue.
NLC India is public-sector navratana company, which is deals in energy sector.
Bharti Airtel Shares Surge To Life High After More Analysts Raise Target Prices
Shares of Bharti Airtel surged to a life-high on Thursday after multiple brokerages raised their target price, citing in-line fourth-quarter estimates and positive subscriber additions.
Airtel's stock rose as much as 3.58% during the day to Rs 1,356.85 apiece on the NSE. It was trading 2.47% higher at Rs 1,342 apiece, compared to a 0.03% decline in the benchmark Nifty 50 as of 10:35 a.m.
The stock has risen 70% in the last 12 months and 30% on an year-to-date basis. The total traded volume so far in the day stood at 2.6 times its 30-day average. The relative strength index was at 65.
Twenty three out of the 32 analysts tracking the company have a 'buy' rating on the stock, seven recommend a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 7.8%.
Titagarh Rail Shares Rise After Q4 Results
Titagarh Rail Systems Ltd. surges to highest level since mid-January after the company reported net profit above estimates.
Titagarh Rail Systems Ltd. rose 9.39% to Rs 1,217.00, the highest level since Jan 20. It was trading 4.09% higher at Rs 1,158.00 as of 10:33 a.m, as compared to 0.01% advance in the NSE Nifty 50 index.
The scrip gained 256.53% in 12 months, and it has risen 11.97% on year to date basis. Total traded volume so far in the day stood at 8.8 times its 30-day average. The relative strength index was at 72.76, which implied the stock is overbought.
Out of 10 analysts tracking the company, nine maintain a 'buy' rating, one recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 8.6%.
BofA Reiterates 'Underperform' on Oberoi Realty
Price target of Rs 995, 36.7% downside
Believes business development needs faster uptick to match peerset growth
Q4 bookings more than doubled driven by a tower launch
Management expects to lease 80-85% for new 2.4 msf office building
Co expects better sales trajectory in FY25 given partner overhang is now behind
Somany Ceramics Hits Three-Month High As Nuvama Raises Target Price After Results
Shares of Somany Ceramics jumped to its highest level in three months after brokerage firm Nuvama raised its target price for the stock following the company's Q4 results.
Somany Ceramics Q4 FY24 (Consolidated, YoY)
Revenue up 8.6% at Rs 738 crore vs Rs 679 crore (Bloomberg estimate Rs 700 crore).
Ebitda up 30.3% at Rs 79 crore vs Rs 61 crore (Bloomberg estimate Rs 68.37 crore).
Margin at 10.8% vs 9% (Bloomberg estimate 9.8%).
Net profit up 38.9% at Rs 34 crore vs Rs 24 crore (Bloomberg estimate Rs 31.45 crore).
Nuvama noted that despite weak demand, the company strengthened working capital to 8 days compared to 31 YoY, improved cash flows to Rs 3.9 billion versus Rs 1.6 billion YoY, and pared debt. The brokerage has retained its 'buy' for the stock and raised target to Rs 914 to Rs 907.
" While demand is muted, SOMC is confident of outgrowing the industry, and expects low double-digit volume growth (versus industry’s 5–6%) with improved EBITDA margin," Nuvama said.
The scrip rose as much as 17.37% to Rs 729 apiece, the lowest level since February 7. It pared gains to trade 13.98% higher at Rs 708 apiece, as of 10:38 a.m. This compares to a flat NSE Nifty 50 Index.
It has fallen 1.31% on a year-to-date basis and risen 11.76% in the last twelve months. Total traded volume on the NSE so far in the day stood at 31.12 times its 30-day average. The relative strength index was at 74.08, indicating that the stock may be overbought.
Out of the 22 analysts tracking the company, 21 maintain a 'buy' rating, one recommend a 'hold,' and none suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 23%.
Jindal Stainless Hits Two-Month Low
Shares of Jindal Stainless fell to its lowest level in two months after the company reported a fall in its net profit for the quarter ended March to Rs 501 crore.
In its press release, the company said that its margins remained under pressure on account of negative inventory valuation due to continuously falling nickel prices. Moreover, its key export markets, such as Europe and the US, remained weak.
The scrip fell as much as 8.47% to Rs 625 apiece, the lowest level since March 14. It pared losses to trade 1.77% lower at Rs 670,40 apiece, as of 9:58 a.m. This compares to a 0.20% advance in the NSE Nifty 50 Index.
It has risen 18.11% on a year-to-date basis and 129.88% in the last twelve months. Total traded volume on the NSE so far in the day stood at 1.65 times its 30-day average. The relative strength index was at 43.88.
Out of the 10 analysts tracking the company, seven maintain a 'buy' rating, two recommend a 'hold,' and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 13.9%.
Apollo Tyres Rises As Brokerages Positive After Results
Apollo Tyres Ltd. rose as much as 7.21% to Rs 508.30, the highest level since May 3. It was trading 5.70% higher at Rs 501.10 as of 09:39 a.m., as compared to 0.26% advance in the NSE Nifty 50 index.
It has gained 28.89% in 12 months, and on year to date basis, it has risen 6.2%. Total traded volume so far in the day stood at 1.88 times its 30-day average. The relative strength index was at 59.64.
Out of 27 analysts tracking the company, 17 maintain a 'buy' rating, five recommend a 'hold,' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 5.8%.
Pricol Hits Lifetime High
Pricol Ltd. rose to the record high on Thursday after the company reported a rise in its net profit during January-March quarter. Its net profit rose 39.3% on the year to Rs 42 crore from Rs 30 crore.
Pricol Ltd. rose as much as 5.72% to Rs 464.00, the highest level since its listing on April 3, 1996. It was trading 4.45% higher at Rs 458.45 as of 09:24 a.m., as compared to 0.51% advance in the NSE Nifty 50 index.
Nifty, Sensex Open Higher Tracking Global Markets; HDFC Bank, ICICI Bank Lead Gains: Opening Bell
Benchmark equity indices opened higher tracking the sentiment in global markets after slower than expected US inflation reinforced hopes of a September rate cut in the country.
At pre-open, the Nifty was at 22,319.20, up 118.65 points or 0.53% while the Sensex rose 351.21 points or 0.48% to 73,338.24.
Nifty would need a decisive breach above the 22,300 levels to continue with the positive upward movement and expect for next targets of 22550-22600 levels, said Prabhudas Lilladher in a report. "The support would be maintained near 22000 zone as of now which needs to be sustained. "
The report said, "Sensex has trading in INSIDE BAR pattern and needs a decisive breakout above the 50 DMA level of 73500 to trigger and establish for a fresh further upward directional move."
Shares of ICICI Bank Ltd., Infosys Ltd., HDFC Bank Ltd., Bharti Airtel Ltd., and Mahindra & Mahindra Ltd. contributed the most to the gains.
Meanwhile, those of Power Grid Corp Of India, Maruti Suzuki Ltd., Larsen & Toubro Ltd., NTPC Ltd., and Tata Motors Ltd. capped the upside.
Most sectoral indices were higher but Nifty Energy and Nifty Pharma were flat. Nifty IT rose the most.
Broader markets also rose. S&P BSE Midcap rose 0.56% and S&P BSE Smallcap traded 0.73% higher.
Seventeen out of 20 sectoral indices rose and three fell. S&P BSE Information Technology rose the most.
Market breadth was skewed in the favour of buyers. Around 2,112 stocks rose, 616 fell, and 99 remained unchanged on the NSE.
Nifty, Sensex Higher At Pre-Open
At pre-open, the Nifty was at 22,319.20, up 118.65 points or 0.53% while the Sensex rose 351.21 points or 0.48% to 73,338.24.
Rupee Opens Stronger Against U.S. Dollar
-The local currency opened 4 paise stronger against the U.S. Dollar at 83.46.
-It closed at 83.50 on Wednesday.
Source: Bloomberg
Yield On The 10-Year Bond Opens Lower
The yield on the 10-year bond opened 2 bps lower at 7.05%.
It closed at 7.08% on Wednesday.
Source: Bloomberg
Citi Maintains Neutral Rating For Oberoi Realty
Price target of Rs 1649 (+4.8% upside)
Valuations are expensive, expects more pickup in pre-sales velocity
Margins will likely sustain or get better going forward
Co continues to enjoy a comfortable leverage and cash flow situation
Bernstein On L&T
Bernstein maintains 'outperform' on L&T; TP: 3800 (+11%)
Guidance of 10% order inflow growth and 8.25% core margin lowest in the last decade
Never in the last 9 years has L&T met both margin and order inflow guidance
L&T missed margin guidance in 6 of the 9 instances
Size of the miss has been the highest in last couple of years
Believe higher chance of missing margin guidance than order inflow
What matters: ROE and working capital cycle - points to a good cycle
Value it at 18x FY25E EV/EBITDA
Nuvama Retains 'Hold' On Dixon Technologies
Target price raised to Rs 7,875 from Rs 5,700 earlier; 2.4% potential downside
Raises FY25e/26e PAT by 19%/30% on upward revisions from new customer additions in Q4
Positive on mobile-led high growth narratives
Despite lower margins in mobile business, large client wins could lift topline to Rs 38,400 cr+ by FY26e
Citi Research On Shree Cement
Reiterates 'Buy' on Shree Cement, lowers price target
Price target of Rs 29,750 with 15% upside (earlier Rs 30,000)
Q4 Ebitda rose 49% YoY on higher volumes, lower costs; realizations fell around 3%
Management expects FY25 despatch growth at 10-12.5% and cost efficiency gains
Estimate ~12% volume CAGR through FY24-27 and Ebitda/t resilience
Await clarity on reported IT Department fine, quantum suggested is around 4% of market cap
Citi On Bharti Airtel
Maintains 'Buy', Target Price unchanged at Rs. 1,520, upside 15.5%
4Q performance was broadly in line with estimates
Strong subscriber additions in India operations
Management reiterated its guidance of moderation in FY25E
Triggers include Tariff hike and reduction in AGR debt
Citi On Somany Ceramics
Maintain Buy with TP Rs 914, Upside 46%
Volume up 7% (estimate: 6%) and margin at 10.8% (estimate: 10.3%).
Despite Weak demand co strengthened WC Days, pared down debt
Confident of outgrowing industry, expects low double-digit volume growth
Stronger focus on Balance sheet strengthening
Given current muted demand, trimming FY25E/26E EPS by 4%/6%
Brokerages On Apollo Tyres
Morgan Stanley Maintains Equal Weight
With target price of Rs 472, Flat upside
Focus on sustainable and profitable growth helped improving FCF & RoCE
EPR provision of 68 crore and weak EU distribution margins drove the miss
Domestic tyre industry is showing signs of demand recovery
Expects PCR replacement segment to grow by double digits
TBR is to grow by a high-single digit
Co delivered on 3 of 4 FY26 targets already
Crossed 17% margins, Net Debt/Equity at 0.6x, ROCE 12-15%
See margin pressure going ahead due to EPR, RM prices
JM Financial on Apollo Tyres
Maintains 'Buy' with target of Rs 550, Upside 16%
EPR liability had an impact of 110bps on consol. margins
Overall replacement demand expected to grow by high single- low double-digit during FY25
Recent 3% price hike in May’24 expected to partially mitigate RM increase
Capex intensity is expected to be low in medium-term
Marginally tweaked FY25/26 estimates to adjust for higher than expected tax rate
Consistent focus on driving profitable growth
Deleveraging improving ROCE is expected to support the stock performance
Citi on Apollo Tyres
Maintains 'Buy' with TP 570, Upside 21%
EPR Provision Mars Results; Outlook Cautiously Optimistic
Despite EPR, standalone results were below estimates
Management is cautiously optimistic, India demand growth expected to revive post elections
Some cost pressures visible, in addition to EPR
EU outlook appears relatively more positive
Cut estimates to reflect more conservative demand outlook
Nomura on Apollo Tyres
Upgrade to Neutral from Reduce with TP Rs 512, upside 8%
Focus on favorable mix, price hikes to support margins
Market share remained stable in replacement
April demand strong; company expects high-single-digit volume growth in FY25
Focus will remain on profitable segments; away from small cars
Commodity cost is up by 4-5% qoq
Price hike in May of 3%, will need another 2% hike
Target capex of 1000cr
Multiple cost headwinds (commodity, EPR) could normalise margins
Marginally cut our FY25-26F EBITDA margin by 30bps
Brookfield India To Buy 50% Stake In 4 Assets Of Bharti Group
Four assets of Bharti group, in which Brookfield is buying 50% stake, is in Delhi-NCR
50% stake bought for Rs 1,228 crore
50% stake in 3.3 mn sq ft commercial portfolio to be acquired at an EV of Rs 6,000 crore
Assets to be discharged through preferential issue of REIT units at Rs 300/unit
Brookfield to have first right to acquire remaining 50% stake from Bharti Group
Bharti Group to become second-largest stakeholder in Brookfield India REIT post-allotment
Bharti Group's ownership stake of 8.53% in Brookfield India REIT to have lock-in of 1 year
Source: Exchange filing
Morgan Stanley On Adani Ports And SEZ
Morgan Stanley maintains 'Overweight' rating on Adani Ports
Price target of Rs 1,517 (+13.4% upside)
F29E targeted growth ahead of estimates for both ports and logistics business
Key takeaways for F29E:
Cargo volume targeted to reach 1000 MT by F29E
Sees >2x port revenue and EBITDA growth
RoCE of all major ports targeted to be above 20%
7x logistics revenue and EBITDA growth
Consolidated revenue, EBITDA, and FCF targeted to grow 2.5x, 2.3x, and 2.3x
Global Cues
US Dollar Index at 104.13
US 10-year bond yield at 4.31%
Brent crude up 0.39% at $83.07 per barrel
Nymex crude up 0.53% at $79.05 per barrel
Bitcoin was flat at $65,973.63
GIFT Nifty was 0.03% or 7.5 points higher at 22,380 as of 07:16 a.m.
F&O Cues
Nifty May futures down by 0.13% to 22,287.05 at a premium of 86.5 points.
Nifty May futures open interest down by 4%.
Nifty Bank May futures down by 0.38% to 47,908.55 at a premium of 221.1 points.
Nifty Bank May futures open interest up by 4.47%.
Nifty Options May 16 Expiry: Maximum call open interest at 22,500 and maximum put open interest at 22,000.
Bank Nifty Options May 15 Expiry: Maximum call open interest at 47,700 and maximum put open interest at 47,600.
Securities in ban period: Balrampur Chini Mills, Birlasoft, Canara Bank, GMR Infra, Hindustan Copper, Vodafone Idea, Piramal Enterprise, SAIL, and Zee Entertainment Enterprises.
Trading Tweaks
Moved out of short-term ASM framework: Premier Explosives,
Moved into short-term ASM framework: D-Link (India), Dynamic Cables, Peninsula Land.
Price Band Change from 20% to 10%: Dynamic Cables.
Ex/record dividend: Tata Consultancy Services.
Insider Trades
ADF Foods: Promoter Krish Bhavesh Thakkar sold 84,500 shares between May 13 and 14.
Block Deal
Cipla: Rumana Hamied sold 49.43 lakh shares (0.61%), Samina Hamied sold 89.54 lakh shares (1.1%), Shirin Hamied sold 63.63 lakh shares (0.78%) at Rs 1,345 apiece, and Okasa Pharma sold 1.89 lakh shares (0.02%). However, ICICI Prudential Mutual Fund bought 55.25 lakh shares (0.68%), Aditya Birla Sun Life Mutual Fund bought 22.96 lakh shares (0.28%), among others, at Rs 1,345 apiece.
IPO Offering
Go Digit General Insurance: The public issue was subscribed 0.36 times on day 1. The bids were led non-institutional investors (0.34 times), retail investors (1.44 times).
Stocks to Watch
Infosys: The company and SAP Emarsys collaborated to deliver an enhanced personalised omnichannel experience for clients.
Star Cement: The NCLT approved the amalgamation of three units with the arm Star Cement Meghalaya.
Quick Heal Technologies: The company partnered with EET Group for cybersecurity solutions in Europe.
PSP Projects: The company has settled a dispute with Surat Diamond Bourse, agreeing to pay Rs 170 crore in tranches. The total project value for the SBD Project is Rs 1,960 crore, out of which the company has recorded revenue of Rs 1,896 crore and the remaining revenue is to be recorded upon receipt of a certificate from Surat Diamond Bourse.
JK Cement: The board approved the re-appointment of Raghavpat Singhania as MD for five years, effective June 17, 2025.
TVS Motor Co.: The company launches operations in Italy.
Eicher Motors: The company’s unit, VE Commercial Vehicles, enters into a joint venture agreement with Triangle Infotech.
Medi Assist Healthcare Services: The company appointed Sandeep Daga as CFO effective May 17.
Mankind Pharma: The company clarified that the article stating the company’s plan to acquire a stake in Bharat Serum is speculative in nature.
Earnings Post Market Hours
Jindal Stainless Q4 FY24 (Consolidated, YoY)
Revenue down 3.2% at Rs 9,454 crore vs Rs 9,765 crore (Bloomberg estimate Rs 9,605 crore).
Ebitda down 9.5% at Rs 1,035 crore vs Rs 1,144 crore (Bloomberg estimate Rs 1,061 crore).
Margin at 10.9% vs 11.7% (Bloomberg estimate 11%).
Net profit down 30% at Rs 501 crore vs Rs 716 crore (Bloomberg estimate Rs 578 crore).
Dixon Technologies Q4 FY24 Highlights (Consolidated, YoY)
Revenue up 52% to Rs 4,658 crore vs Rs 3,065 crore (Bloomberg estimate: Rs 5,040 crore).
Ebitda rose 19.2% to Rs 243 crore vs Rs 204 crore (Bloomberg estimate: Rs 201 crore).
Ebitda margin 5.2% vs 6.7% (Bloomberg estimate: 4%).
Net profit up 20.7% to Rs 97 crore vs Rs 81 crore (Bloomberg estimate: Rs 102 crore).
Mankind Pharma Q4 FY24 (Consolidated, YoY)
Revenue up 19% to Rs 2,441 crore versus Rs 2,053 crore (Bloomberg estimate: Rs 2,438 crore).
Ebitda rose 42.5% to Rs 591 crore versus Rs 415 crore (Bloomberg estimate: Rs 566 crore).
Ebitda margin expanded 400 basis points to 24.2% versus 20.2% (Bloomberg estimate: 23.2%).
Net profit up 62.3% to Rs 477 crore versus Rs 294 crore (Bloomberg estimate: Rs 384 crore).
Berger Paints India Q4 FY24 (Consolidated, YoY)
Revenue up 3% Rs 2,520 crore vs Rs 2,444 crore.
Ebitda down 4.8% at Rs 351 crore vs Rs 369 crore.
Margin at 13.9% vs 15.1%.
Net profit up 20% Rs 223 crore vs Rs 186 crore.
Pricol Q4 FY24 (Consolidated, YoY)
Revenue up 11.6% at Rs 584 crore vs Rs 523 crore.
Ebitda up 20.7% at Rs 74 crore vs Rs 61 crore.
Margin at 12.7% vs 11.7%.
Net profit up 39.3% at Rs 42 crore vs Rs 30 crore.
Titagarh Rail Systems Q4 FY24 (Consolidated, YoY)
Revenue up 8% at Rs 1,052 crore vs Rs 974 crore (Bloomberg estimate Rs 1,122 crore).
Ebitda up 25.7% at Rs 120 crore vs Rs 95 crore (Bloomberg estimate Rs 123 crore).
Margin at 11.4% vs 9.8% (Bloomberg estimate 11%).
Net profit up 63.7% at Rs 79 crore vs Rs 48 crore (Bloomberg estimate Rs 78.4 crore).
NLC India Q4 FY24 (Consolidated, YoY)
Revenue down 31% at Rs 3,541 crore vs Rs 5,134 crore.
Ebitda down 65% at Rs 602 crore vs Rs 1,722 crore.
Margin at 17% vs 33.5%.
Net profit down 86.4% at Rs 114 crore vs Rs 837 crore.
Redington Q4 FY24 (Consolidated, YoY)
Revenue up 2.7% at Rs 22,433 crore vs Rs 21,849 crore (Bloomberg estimate Rs 24,021 crore).
Ebitda down 15.4% at Rs 459 crore vs Rs 543 crore (Bloomberg estimate Rs 534 crore).
Margin at 2% vs 2.5% (Bloomberg estimate 2.2%).
Net profit down 1.4% at Rs 324 crore vs Rs 328 crore (Bloomberg estimate Rs 329 crore).
CMS Info Systems (Consolidated, YoY)
Revenue up 25.1% at Rs 627 crore vs Rs 501 crore (Bloomberg estimate Rs 621 crore).
Ebitda up 7.8% at Rs 155 crore vs Rs 144 crore (Bloomberg estimate Rs 159 crore).
Margin at 24.8% vs 28.8% (Bloomberg estimate 25.7%).
Net profit up 14.4% at Rs 91 crore vs Rs 80 crore, (Bloomberg estimate 94 crore).
Moil Q4 FY24 (YoY)
Revenue down 3% at Rs 416 crore vs Rs 428 crore (Bloomberg estimate Rs 360 crore).
Ebitda down 3.2% at Rs 128 crore vs Rs 133 crore (Bloomberg estimate Rs 110 crore).
Margin at 30.8% vs 31% (YoY) (Bloomberg estimate 30.6%).
Net profit up 12.6% at Rs 91 crore vs Rs 81 crore (Bloomberg estimate Rs 80 crore).
Indian Energy Exchange (Consolidated, YoY)
Revenue up 13.3% at Rs 121 crore vs Rs 107 crore (Bloomberg estimate Rs 128 crore).
Net profit up 9.5% at Rs 97 crore vs Rs 88 crore (Bloomberg estimate Rs 98 crore).
LIC Housing Finance (Standalone, YoY)
Total income up 8.1% at Rs 6,937 crore vs Rs 6,415 crore.
Net profit down 7.6% at Rs 1,091 crore vs Rs 1,180 crore (Bloomberg estimate Rs 1172 crore).
NCC Q4 FY24 (Consolidated, YoY)
Revenue at up 31% Rs 6,485 crore vs Rs 4,949 crore.
Ebitda at Rs 551 crore vs Rs 465 crore, up 18.5%.
Margin at 8.5% vs 9.4%.
Net profit at Rs 239 crore vs Rs 203 crore, up 17.6%.
Pitti Engineering Q4 FY24 (Consolidated, YoY)
Revenue up 32.5% at Rs 328 crore vs Rs 248 crore.
Ebitda up 20% at Rs 49 crore vs Rs 41 crore.
Margin at 14.8% vs 16.4%.
Net profit up 62.5% at Rs 40 crore vs Rs 25 crore.
Honeywell Automation India Q4 FY24 (YoY)
Revenue up 12% at Rs 951 crore vs Rs 850 crore (Bloomberg estimate Rs 993 crore).
Ebitda up 22.4% at Rs 170 crore vs Rs 139 crore (Bloomberg estimate Rs 169 crore).
Margin at 17.9% vs 16.3% (Bloomberg estimate 17%).
Net profit up 32.3% at Rs 148 crore vs Rs 112 crore (Bloomberg estimate Rs 143 crore).
Board recommends final dividend of Rs 100 per share.
Somany Ceramics Q4 FY24 (Consolidated, YoY)
Revenue up 8.6% at Rs 738 crore vs Rs 679 crore (Bloomberg estimate Rs 700 crore).
Ebitda up 30.3% at Rs 79 crore vs Rs 61 crore (Bloomberg estimate Rs 68.37 crore).
Margin at 10.8% vs 9% (Bloomberg estimate 9.8%).
Net profit up 38.9% at Rs 34 crore vs Rs 24 crore (Bloomberg estimate Rs 31.45 crore).
Transport Corporation of India Q4 FY24 (Consolidated, YoY)
Revenue up 10.1% at Rs 1,078 crore vs Rs 979 crore (Bloomberg estimate Rs 1,071 crore).
Ebitda up 0.5% at Rs 109 crore vs Rs 108 crore (Bloomberg estimate Rs 114 crore).
Margin at 10.1% vs 11% (Bloomberg estimate 10.6%).
Net profit up 25.4% at Rs 103 crore vs Rs 82 crore (Bloomberg estimate Rs 88.23 crore).
Earnings in Focus
Mahindra & Mahindra, GAIL India, Solar Industries, Info Edge (India), Vodafone Idea, Container Corp., Biocon, Motherson Sumi Wiring India, Endurance Technologies, Ratnamani Metals & Tubes, Crompton Greaves Consumer Electricals, Triveni Turbine, Kaynes Technology, Krishna Institute of Medical, V-Guard Industries, EClerx Services, Prism Johnson, Prince Pipes & Fittings, Wonderla Holidays, JK Paper, Sansera Engineering, Restaurant Brands Asia, Harsha Engineers International, Avalon Technologies, Indoco Remedies, TCNS Clothing, Akzo Nobel India, Caplin Point Laboratories, and Infibeam Avenues.
GIFT Nifty Trades Near 22,400
The May futures contract of the GIFT Nifty traded 0.03% or 7.5 points higher at 22,380 as of 07:16 a.m.
Except for Japan's Topix, which traded flat, benchmarks in Asia-Pacific markets rose on risk-on sentiment after US inflation data assured market participants the Federal Reserve is likely to ease monetary conditions soon.
S&P ASX 200 jumped the most, followed by Taiwan's TWII, South Korea's Kospi and Japan's Nikkei.
On a sequential basis, the US Consumer Price Index slowed to 0.3% in April, from 0.4% in the preceding month. The sequential figure is less than 0.4% analysts estimated in a Bloomberg's survey. The US April consumer prices rose 3.4% year-on-year in line with the Bloomberg estimate.
Wall Street traders sent stocks up and bond yields slumping as a slowdown in inflation reinforced bets the Federal Reserve will be able to start cutting interest rates as early as September, reported Bloomberg.
The S&P 500 Index and Nasdaq Composite rose by 1.17% and 1.40%, respectively, as of Wednesday. The Dow Jones Industrial Average rose by 0.88%.
Brent crude was trading up 0.39% at $83.07 per barrel. Gold was higher by 0.25% at $2,392.05 an ounce.
Snapping a three-day winning streak, India's benchmark indices ended lower, weighed by losses in shares of heavyweights HDFC Bank Ltd. and Tata Motors Ltd.
The NSE Nifty 50 ended 17.30 points, or 0.08%, lower at 22,200.55, and the S&P BSE Sensex closed 117.58 points, or 0.16%, down at 72,987.03. Intraday, the Nifty rose 0.36% to 22,297.55.
Overseas investors stayed net sellers on Wednesday for the 10th tenth straight day. Foreign portfolio investors offloaded stocks worth Rs 2,832.8 crore; domestic institutional investors stayed net buyers for the 17th day and mopped up equities worth Rs 3,788.4 crore, the NSE data showed.
The Indian rupee closed flat at 83.50 against the U.S. dollar.
RECOMMENDED FOR YOU
Stock Market Today: All You Need To Know Going Into Trade On Nov. 14
Nov 14, 2024
Stocks To Watch: Swiggy, Vodafone Idea, NBCC, BSE, Nykaa, Varun Beverages, Tata Chemicals
Nov 13, 2024
Stock Market Today: Sensex Extends Rally To Recoup More Than Half Of Last Week's Losses
Oct 29, 2024
Stock Market Today: All You Need To Know Going Into Trade On Oct. 29
Oct 29, 2024
POPULAR